Economics is the study of how societies allocate limited resources to meet the unlimited needs and wants of individuals. It focuses on the production of goods and services, economic growth, and various complex issues that are important to society.
-
Question 561: Industries for consumer goods are concentrated in urban centers as a result of
Options:
A) large market
B) power supply
C) government policy
D) weather conditions
Show Answer
The correct answer is A .
-
Question 562:
A major function of the retailer is to
Options:
A) grant credit to the wholesaler
B) break bulk and sell products in small units
C) reduce cost of distribution
D) generate demand for products through advertisement
Show Answer
The correct answer is B .
-
Question 563:
The effects on the demand for product A caused by a change in the price of product B is Called____________
Options:
A) Joint demand
B) cross-elasticity of demand
C) elasticity of supply
D) competitive demand
Show Answer
The correct answer is A .
-
Question 564:
Use the information below to answer this question.
Given that Q d = 20 - 4P and Q = 6P + 12If price is increased to N3, how much is the excess supply?
Options:
A) 30
B) 22
C) 12
D) 8
Show Answer
The correct answer is B .
-
Question 565: country is said to be overpopulated when
Options:
A) the resocurce are more than enough to cater for the population
B) the size of the population is greater than the annual budget
C) the resources are inadequate to cater for the population
D) there are too many able-bodied men and women in the country
Show Answer
The correct answer is C .
-
Question 566: Industrial development in Nigeria can be encouraged through
Options:
A) signing WTO treaty
B) granting subsidies
C) the provision of efficient infrastructure
D) direct government participation
Show Answer
The correct answer is B .
-
Question 567: The movement of people from rural to urban areas affects the
Options:
A) occupational distribution of population
B) sex distribution of population
C) geographical distribution of population
D) age distribution of population
Show Answer
The correct answer is C .
-
Question 568: The Central Bank instrument of control does NOT include
Options:
A) open market operation
B) moral sanctions
C) reverse requirements
D) selective credit control
E) printing bank-notes
Show Answer
The correct answer is B .
-
Question 569: Gresham's law in Economics shows that?
Options:
A) good drives out bad money
B) bad money drives out good money
C) the value of money varies inversely with the price level
D) gold must be available to maintain the price of paper money
Show Answer
The correct answer is B .
-
Question 570:
The shaded triangle in the diagram above is known as
Options:
A) excess supply
B) consumer surplus
C) excess consumption
D) producer surplus
Show Answer
The correct answer is B .